an account that is not closed at the end of the accounting period is called a(n) . expense account income summary account temporary account permanent account

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15-11-2022
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an account that is not closed at the end of the accounting period is called a(n) . expense account income summary account temporary account permanent account

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rafikiedu17 rafikiedu17 · Answer 1 · 2022-11-27T08:24:41+01:00

An account that isn't closed at the cease of the accounting length is called an income fee account profits precise account temporary account everlasting account.

Profits are cash that a person or business receives in change for presenting hard work, producing a good or carrier, or making an investment capital. people normally earn income via wages or revenue, at the same time as businesses earn earnings from selling goods or services above their value of manufacturing.

Everlasting money owed are bills that we don't near the end of your accounting duration. as opposed to the last entries, we deliver over your everlasting account balances from length to period. basically, everlasting money owed will maintain cumulative stability in an effort to deliver over each duration.

Learn more about the account here

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